Millionaire Cheesecake

This Millionaire Cheesecake will blow your mind! A creamy cheesecake is covered in smooth caramel and milk chocolate ganache, and sits atop a buttery shortbread crust. The flavors and texture together are completely irresistible!

Table of Contents

• Are You Ready For Millionaire Cheesecake?
• Ingredient Notes
• How to Make a Millionaire Cheesecake
• Tips & Tricks
• Why Is My Caramel Grainy?
• Why Is My Caramel Too Soft/Hard?
• How to Store
• More Cheesecake Recipes
• Get the Recipe

Ingredient Notes

Before you tie on your apron, you’ll have to head to the store! Here’s what you’ll need to make this glorious cheesecake recipe. Don’t forget to scroll to the recipe card below for precise measurements.

• Cream cheese – Start with room-temperature cream cheese. If it’s too cold, you’ll end up with a lumpy filling. Be sure to use full-fat, brick-style cream cheese. Reduce fat versions, or those in a tub, can be too thin.
• Sour cream – In lieu of sour cream, you could also use heavy cream, you just might need a little longer baking time.
• Eggs – The eggs should be at room temperature. They will mix more easily into the batter, helping to prevent over-mixing. Be sure to use large eggs, not medium or extra large.
• Dark brown sugar – This is used in the caramel sauce. Make sure to pack it firmly into the measuring cup to get the proper amount. Light brown sugar will also do the trick, the flavor just won’t be as deep/rich.
• Sweetened condensed milk – For added sweetness and velvety texture. Be sure to use the right thing, not evaporated milk. They aren’t the same are not interchangeable.
• Heavy whipping cream – For the caramel topping, I use a little sweetened condensed milk and a little cream in my caramel, but you could use all sweetened condensed milk. I like the addition of the cream, though. It yields a deeper caramel flavor and a little bit softer texture.
• Milk chocolate chips – I usually use semi-sweet chocolate for my ganache, but I prefer milk chocolate here. It is less overpowering and allows the flavor of the caramel sauce to shine a little brighter. Don’t swap this out for another kind of chocolate, or it’ll change the consistency. Semi-sweet chocolate will make it too thick.

How to Make a Millionaire Cheesecake

Now that you have all of your ingredients, it’s time to start baking! Here’s a quick look at how to make millionaire cheesecake. For more detailed instructions, scroll to the recipe card below.

Make the crust

• Prep. Preheat the oven to 325°F, line the bottom of a 9-inch springform pan with parchment paper, and grease the sides.
• Make the dough. Whisk together the flour, powdered sugar, and salt before mixing in the melted butter and vanilla extract. Press the dough into the bottom and up the sides of the pan.
• Bake. Bake for 12-14 minutes. Remove from the oven and set aside.

To Make Filling

• Adjust. Reduce the oven temperature to 300°F.
• Make the filling. Beat together the cream cheese, sugar, and flour on low speed until combined, then beat in the sour cream and vanilla, followed by the eggs (one at a time).

• Assemble. Pour the batter over the crust.
• Make a water bath. Wrap the outside of the pan with aluminum foil and then place the pan inside a larger pan. Fill the larger pan with warm water so it comes halfway up the sides of the springform.
• Bake. Bake for 1 hour 15 minutes.
• Cool gradually. Turn the oven off and let the cheesecake sit in the oven for 30 minutes with the door closed. Then, crack the oven door and let it sit for an additional 30 minutes. Remove from the oven and let cool to room temperature.
• Chill. Remove the cheesecake from the water bath (and foil). Refrigerate for at least 5-6 hours.

Make the Caramel Sauce

• Melt. Over medium-low heat, melt the butter in a large saucepan. Add the brown sugar and cook until dissolved, stirring constantly.
• Make it creamy. Add the sweetened condensed milk and heavy whipping cream.
• Boil. Bring the mixture to a boil over medium heat. Boil for 5 minutes or until it reaches 220-225°F.

• Final touches. Remove from heat, add vanilla, and transfer to a heat-proof bowl.
• Chill. Refrigerate until firm (2-3 hours).

Ganache and Assembly

• Make the chocolate ganache. Microwave the heavy whipping cream until barely boiling, then pour it over the chocolate chips. Let the mixture sit for a couple of minutes. Whisk until smooth.
• Cool. Allow the ganache to cool for 5 minutes.

• Assemble. Remove the cheesecake from the springform pan and set on a serving plate. Spread the caramel sauce over the top, leaving a slight border, and then spread the ganache over the caramel.
• Chill. While you can serve immediately, I like popping my millionaire cheesecake in the fridge for 30 minutes to allow the caramel and ganache to firm back up before slicing and serving.

Why Is My Caramel Grainy?

If the brown sugar isn’t melted properly before adding the milks, you can end up with a grainy caramel sauce. Heat on a low to medium heat, to give it time to melt and so that the mixture doesn’t start to boil while the sugar is melting. To test it, dip the back of a spoon in the sugar and see if it’s grainy. A few bits of graininess are fine and will still melt, but lots of graininess means it needs more melting time.

Why Is My Caramel Too Soft/Hard?

It’s important that the caramel cook to the right temperature (220-225°F), which is why I recommend the candy thermometer. If it cooks to a too high temperature, it will be too firm. If it doesn’t get up to the right temperature, it will be too soft. The other thing to keep in mind is that the caramel keeps heating up in the pan after you remove it from the heat. So pour the caramel into another bowl pretty much immediately to avoid it continuing to heat and getting too firm.

How to Store

• Refrigerator. Once chilled, seal the cheesecake in an airtight cake carrier or wrap it in a double layer of plastic wrap. If you already sliced the cheesecake, arrange the slices in a single layer in an airtight container. Store the dessert in the fridge for up to 4-5 days.
• Freezer. Pop the cheesecake in the freezer to firm up for a couple of hours before wrapping it in a double layer of plastic wrap. Otherwise, arrange slices in a single layer in a freezer-safe airtight container. You can keep the cheesecake in the freezer for up to 3 months. When you’re ready to enjoy it, allow it to thaw in the fridge.

For more detailed storage instructions, check out my post on how to store a cheesecake.

More Cheesecake Recipes

• Turtle Cheesecake
• Caramel Cheesecake
• Pecan Praline Cheesecake
• Loaded Butterscotch Cheesecake
• Caramel Apple Cheesecake